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at the market close yesterday by federal reserve chairman ben bernanke. among the highlights, the fed chair says, the federal government is not out of ammunition, the fed's bond-buying program is not likely to lead to higher inflation, and the fed sees positive signs in the economy. bernanke made the comments during an appearance at the university of michigan. nike is making a gear shift. just ahead of oprah's much- anticipated interview with cyclist lance armstong, the athletic company is signing rory mciiroy, the number one golfer in the world, to a multi- year nike sponsorship. reports say the agreement with the golf star from northern ireland is worth up to $250 million over the 10 years. nike dropped armstrong last year on revelations of an alleged doping scandal. pharmaceutical giant glaxo smith kline announces it has made a regulatory submission to the food and drug administration for a new drug. called albiglutide, it is a possible once-weekly treatment for adult patients with type-two diabetes. the new drug is an injectable and not yet approved as a treatment for the disease. settlement
at the kids inaugural ball. as washington gears up for the inaugural festivities, ben bernanke talked about the u.s. economy and the fed's role in monetary policy. he called on congress to raise the debt ceiling in the release of u.s. can pay its bills. he spoke at the gerald ford school of public policy. >> thank you very much. it is also my great pleasure to welcome all of you here today. on behalf of the gerald r. ford school of public policy, the university of michigan is extremely honored to welcome the hon. ben bernanke, chairman of the board of governors of the federal reserve system. today's conversation is the latest in our series of distinguished lectures, policy talks at the fort school. we're so pleased that region white can introduce to the events and we're also very president marye sue: here today as well as -- we also have several of the university's executive officers and beans. i would like to welcome all of them and thank them for joining us today. it is an honor and truly personal pleasure to introduce our next guest. the fed's charges to provide a healthy economy. this i
the dots with the transcripts, ben bernanke's advice given a decade plus going to the japanese was definitely put in place, the liquidity programs, the quantitative easing, the monetizing and look what happened to their stock market, and if you also look at what happened to the jgb, briefly, they shot up in yield. it's moderated a bit. kyle bass is on today with david faber and everybody loves kyle bass. >> right. >> he talked about the first black swan with all the central banking activity probably turns out to be japan. we don't know when. i would fully agree and i think these two charts give you some clues that there is a possibility. >> andres, what do you think? is japan back? >> well, i think to a certain extent the unintended consequences is what we're actually going to see in the couple of months to come which is i don't think japan has the ability to get to 2% inflation which is their target any time soon, but that inflation might present itself in places like commodities. another way to look at it is look at carry trade and countries like mexico that have tame inflati
to hear a response from a republican house member. >>> that's not all. fed chief ben bernanke is saying it must raise the debt ceiling and that the fed is going to keep buying bonds for now. on this one-month anniversary of the heinous, awful newtown shootings, the sheriff comes out in favor of banning assault weapons. "the kudlow report" begins right now. >>> first up tonight, president obama slams the republicans. he says no gimmick, no magic coins. just the plain old standoff on the debt ceiling. who is gonna blink first in this? john harwood joins us from washington with the details. good evening. >> good evening. the president used the last news conference of first term to draw an ever-brighter line with congressional republicans on the debt ceiling. they say they want dollar for dollar spending cuts to be matched with an increase in the debt ceiling. the president said i'll negotiate with you, but not over the debt ceiling. he simply is not going to allieu republicans to take the full faith and credit of the united states and the health of the u.s. economy as hostages. >> they wil
.3%. it did settle above $31 an ounce. fed chief ben bernanke he's at the university of michigan taking questions this hour. we are keeping a close eye on an event. this is an event that really could move markets tomorrow. set the whole futures up. and we're going to update you throughout the hour on anything he says that could affect your investments. sandra: plus big news in the tech world. we have got reports that dell is in talks to go private, and that's sending shares way up today, up more than 12 bucks. the iphone keeps losing market share and iphone part manufacturers they are losing orders. is it time for tim cook to lose his job? we've got an analyst who covers both of those companies, david coming up. david: also toyota driving past gm taking the title for the world's top selling automaker. we will go live to the detroit auto show to hear from toyota u.s. president about what new cars are hitting the road. wait till you see the new mercedes by the way. but first we will tell you what drove the markets today with today's data down load. stocks struggling for direction today. t
in washington is freezing the treasury mark and investors. >> okay. back to ben bernanke, commenting this afternoon, if he reassures wall street he plans to continue the bond buying for as long as it needs to happen to get unemployment back, to get the economy growing. do you think that will keep rates depressed or signals, yeah, you know, we don't need to continue with this as long as we had initially planned to. do you expect a sharp, a rise in rates in take it from there. curious to where you think rates are headed. >> lori, between now and the date of sequesteringen on march 1st, treasury yields in a tight range? >> what kind of range? >> i think 1.7% to 2.1%. that's where we see good support and resistance, and 40-point basis range is what i expect. >> thank you so much, bill. great to see you. >> thank you, lori. >> time to move to louisiana. the governor proposing the elimination of all louisiana personal income and corporate tax. that's rate, zero. there could be a higher sales tax. does it work? vice president of legal and state projects for the state tax foundation, and he
state of the state address of arizona. and ben bernanke discusses economic issues at the university of michigan. >> tomorrow morning on "washington journal", we will have a member of the budget and armed services committee and he will talk about his gop colleagues and went is being called a conservative case more revenue. we will also talk with matthew cartwright, a member of the oversight and government reform committee. "washington journal" is live on c-span every day at 7:00 a.m. eastern. >> next monday c-span is yours. we are your front row seat for the inaugural ceremony of president obama. we will cover other festivities including the afternoon parade. throughout the day, we will take your phone calls and comments and facebook and twitter feedback. live coverage starts at 7:00 a.m. eastern on c-span, c-span radio, and c-span.org. >> student camera video entries with your message the president are now due. to them and let us pray for your chance at the grand prize of $5000. there are $50,000 in total prizes. for more details, go to studentcam.org. >> now mayor antonio villaraig
of a republican climb-down when it eventually happens, as it will. >> so daniel, let me ask you, ben bernanke came out today and weighed in on this whole thing in a way that might shock people because he said, you know what, to hell with the debt ceiling, although he said it in ben bernanke style. let me let him say it. >> i think it would be a good thing if we didn't have it. i don't think that's going to happen. >> so would it be better if we didn't have a debt ceiling at all? >> yeah, absolutely it would. this is a silly thing which ought to happen automatically because our debt is going to grow along with our economy from year to year. especially it's going to grow in times when we need to spend a little more to juice our economy. but you know, bernanke has very little credibility with the republican party because republican leadership last year actually sent letters to him saying stop with your quantitative easing and your other extraordinary measures to juice this economy. they're already angry at him, so him saying we should from the debt ceiling is not going to do anything in congress. >>
ameritrade. liz: status quo again at the federal reserve. ben bernanke he's seen walking and talking here, but it's pretty much staying in place, staying the course on monetary policy again. no end to quantitative easing as it's known in the foreseeable future. so time to move on to the friday jobs report perhaps. we're always looking at the next thing here on countdown to the closing bell. good afternoon everybody. i'm liz claman. this is the last hour of trade. arguably the most important hour because it's how the market ends, not how it begins. the fed made it pretty clear to the markets that rates are not going up any time soon. asset purchases that it's been making will continue. but the reaction in stocks, what do we see? a bit of selling pressure in the wake of the no decision decision. dow jones industrials down about 23 points at the moment. but when you take it in the bigger picture, trading near five year highs. if the blue chips were to finish the day in the plus column, it would be the 7th day of gains out of the past 8. a nice stringing together, but, you know, yesterday kin
phone parts due to weak demand. after the bell ben bernanke praised washington's fiscal cliff deal which he said probably would have caused a recession this year but cautioned, quote, we are not out of the woods yet. >>> a troubling new report finds more than one in four workers are dipping into retirement funds to keep up with their current bills. apparently folks in their 40s are most likely to do this. >>> some good news on the housing front. new numbers show home prices rose 7.5% in 2012. that's the most in six years, thanks to improving demand and fear of foreclosures. >>> swatch scooping up henry winston's line of watches for $1 billion. >>> toyota sold just under 10 million vehicles last year. >>> coca-cola is taking heat for its new ad campaign, meanwhile, encouraging people to come together to fight obesity. critics say, coke is just doing damage control to combat its contribution to the country's growing obesity problem. we'll find out what facebook's big mystery is at a much-hyped media event today. rumors are ranging from a new search feature to rival google to a possible facebo
of schools in newtown, connecticut. you can see both events live on c-span and c-span.org. .. >> ben bernanke called on congress to raise the debt ceiling. he said the u.s. can avoid defaulting on its day. the dean and the university's ford school of public policy moderates this discussion. this is just over an hour. >> thank you very much. it is also my great pleasure to welcome all of you here today, and on the half of the gerald r. to ford school of public policy, the university of michigan is extremely honored to welcome the honorable ben bernanke, chairman of the board of governors of the federal reserve system. today's conversation is the latest in a series of distinguished lectures, "policy talks @ the ford school." we are so pleased that susan white could introduce today's event and we're also very pleased to have president mary sue coleman with us today, as was regions american nelson and power, who were already mentioned to you. we also have several of the university executive officers and deans. and i would like to welcome all of them to thank them for joining us today. while it's
be a trade-with-caution kind of a session. that's because federal reserve chairman ben bernanke delivers a speech right at the market close today at the university of michigan. he will be taking questions from reporters. the week starts with the s&p 500 still above 1470. stocks have now made gains two weeks in a row to in the new year. best buy was one of the top- performing stocks in the s&p friday. shares gained $2 after reporting holiday sales weren't as bad as traders thought. and blackberry is building a buzz over its new smartphone rolling out at the end of the month. reports say verizon, sprint, t-mobile and at&t all plan to provide networks for the blackberry 10. it's considered a major victory for reach in motion. what better way than to start the morning with tim mulholland of china-america capital? good monday morning to you. > > good morning angela. > what do you anticipate in the market for the week? > > we are off to a very strong start to the year. we get some retail sales data and inflation data this week. inflation data we may start to pay more attention to as the year g
prices to go down in the next two to three months. > economists are questioning whether fed chair ben bernanke will be around for much longer. what do you think about that? > > it seems like the market is agreeing that he probably won't be around. but whoever he hands the baton to is probably going to keep his foot on the gas pedal just like ben did. > good to have you on the show. that is larry shover of sfg alternatives. thank you larry. > > thank you. it's estimated that there are more than 8.5 million industrial and service robots in use in the world. they make cars, process food and protect us in defense applications. and as our cover story shows you, more of them are being designed to work side-by-side with humans in the workplace. more than 120 companies brought their latest creations that lift, sort and do repetitive motions in the workplace. "we're trying to give the robots more human attributes and also add sensor technology." a lot of this is dedicated to heavy-industry. the plexi-glass safety wall used in this display is often common in the workplace to prevent injury. but
as worried and panicked back then. federal reserve chairman ben bernanke and another fed governor, fred mishkin both mentioned the "r" word at that meeting, recession. at that meeting fed members approved a big cut in short-term interest rates. half a percentage point in the fed fund rate and kept cutting regularly after that all the way down to they're. ashley: peter barnes, thank you. how the fed policy was handled as the country tumbled into a economic crisis. jon hilsenrath. you've been pouring over these minutes. >> can i tell you there is 1566 pages for people to, for peter and myself to go through. there is a lot of documents. ashley: i want to go to page 982. just kidding. what stand out for you. what have you been able to look at so far? >> i tell you what stands out. a lot of history all too well. what stands out is the personalities. this is the best window that we have into how these people were thinking, what they were saying and how they were behaving, at the cusp of this crisis. the personalities come out really interesting ways. ben bernanke, obviously a central figure h
it to be deposited at the federal reserve. >> stephen: then ben bernanke goes to the fed break room vending machine, inserts the count and picks either cheese nips or save the world economy. [cheers and applause] folks -- frankly, i do not think this will ever hasm first of all, when -- ever happen. first of all, what do you put on a trillion dollar coin snon the tail side a bald eagle breathing fire while making love to then american flag. what is on the snead obama? boehner? i'll tell what you it should be the charmin bears because when you pull an idea like this out of your ass, you're going to need something soft. [ laughter ] besides, it doesn't matter, all of this means nothing because a one trillion dollar coin doesn't solve anything. our nation's debt is $16 trillion. we can't make a $16 trillion coin. that's just silly. we'll be right back. everybody. thank you so much. [cheers and applause] folks in just a few minutes my guest will be jimmy wales, founder of wikipedia, the gigantic free online encyclopedia that invites users to write and edit all the articles. it's that feature that allow
. breaking news right now from ben bernanke on the debt ceiling. over to you, steve. >> thank you very much. ben bernanke commenting on the fiscal cliff. saying there was progress there but the u.s. economy and the theretos from the fiscal debate, the u.s. economy is not out of the woods yet. raising the debt ceiling, he said, gives the opportunity to spend now. like a family trying to raise its credit rating not deciding to pay bills. we think we're getting some effect in lowering interest rates but it's still early yet to tell. we have found qe to be an effective tool. we will continue to assess how effective. just before you came to me he was asked one of the criticisms. aren't the fed quantitative policies overspending by congress. the chairman saying it's not the fed's job to play games and make congress do what it should be doing on its own. >> he keeps saying this in so many words. you'd think people would get it at this point. thank you so much. >> you would think, yeah. >> steve leisman. president obama telling republicans to move quickly on the debt ceiling. jon harwood on the pre
this week. banks report a lot -- some report after the close. also after the close fed chief ben bernanke has a monetary policy speech. that certainly those things combined could effect the markets this week. >> really big stuff. >>> we'll smile and say good morning, to you. thank you for joining us here on ktvu channel 2 morning news it's monday, january 14th i'm dave clark. >> good morning, i'm pam cook. >> in the news this morning one oakland city leader calling for a state of emergency in oakland after another violent weekend on the streets. four people were killed. 11 others were wounded just since friday. ktvu tara moriarty is in oakland right now. she tells us the latest shooting that happened last night. >> reporter: out of control that is what oakland's vice mayor is saying about the rash of violence this weekend. larry reid says the city needs to call for a state of emergency he believes the move would free up mutual aid funds from the state. the spike in violence did lead to a conference call between oakland police chief and the mayors and several staff members. the most recent
was not a cliff. the term fiscal cliff was coined by ben bernanke. ben bernanke did not want us or did not want the country to get into the situation of higher taxes -- in large part, i think that would have made his job even harder because the higher taxes would have flowed -- slowed down the economy and there would have been even more pressure on the fed to engage in monetary easing, quantitative easing as it is called. the fed really cannot do all of that much more than it is doing. interest rates are at historic lows. bernanke did not want tax increases, so he was trying to control or affect what was going to be happening on the fiscal side. it was really more of a ramped than a cliff in the sense that the sequester cuts -- we will talk format that i'm sure -- but the automatic cuts that were put in place with the debt ceiling deal of the summer actually would come into play well into the year and some near the end of the year. there was or there is quite a bit of time on that. the tax rate increases, i think very few people actually felt there would be a major income tax increases on 98% o
of news we're getting today. apple and dell aside, ben bernanke said to speak about an hour from now to give a big speech. we're always curious what he is going to say but could it be a market moving type of address from the fed chief? kevin: it is worth noting today perfectly after they have come out last weekend with indications from voting members that may b maybe qualitative usg program could and did 2013. we will be looking for hints to see if there's any follow-up from the chairman on this because he is the one making the ultimate decision here. you look at the treasury prices today, we're off of our highs, not a lot driving things. a lot of data coming out this week that looks new to show us the health of the economy and with q4 earnings coming out this week, we will be watching and listening to corporate executives to see what the capital spending limit look like and that may drive things for the first half of the year. cheryl: more news in the oil market. tom riley right now at the nymex and i want to focus particularly with you on the issue of the oil contracts. we saw a b
of the inauguration of venezuelan president hugo chavez. then ben bernanke says that the government should raise the nation's borrowing limit to avoid default of u.s. debt. "washington journal" is live at 7:00 a.m. and also, pennsylvania democratic card right. then the house of representatives will be in session at 10:00 eastern. >> several lobbyists to tell you about this morning. the national council for science and the environment hosted for rum. the head of fema will discuss hurricane katrina, the ongoing drought and earthquake in japan. that is on c-span 3 at 830 eastern. then the brookings institution event on innovation and the economy. >> in light of the postponement of the inauguration thehugo cha -- the inauguration of hugo chavez. this is just over an hour. >> a reminder to turn off your cell phones or anything that beeps. we appreciate that very much. well, everybody, good morning. it sounds like church almost. pretty good. [laughter] we are very pleased that you have chosen to join us on a great day here in washington. we hope the conversation will be more lively in here than the we
have some kind of conversation or something with ben bernanke that the rest of us don't know about because they are not going anywhere, right? >> the funny thing was before our segment came on i was watching one of the tvs over here and i saw beyonce singing the national anthem, and i was wondering if ron would come in and was lip synching for ben bernanke actually. >> i do because i think he's the best. >> bernanke is not lip synching anything. they are not going anywhere. they are for real. >> he's an original. the thing about fed policy, as was said yesterday, the fed is not going to tighten policy until the unemployment rate comes down towards 6.5% or inflation, which it's not doing, gets above 2.5%, so the fed is going to be easing still for quite some time and the economy is strengthning and a lot of good things are going on. energy expansion, manufacturing is coming home. we've talked about this many times in the past. the profit reports we've seen thus far is quite encouraging. hard to argue that the market is sending a message that it's in trouble. >> encouraging is in the
're going to earn tr nike. >> and is we'll talk about that. >> meanwhile, fed chairman ben bernanke speaking monday warned the u.s. economy isn't out of the woods yet and is still at risk from political gridlock. >> raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it doesn't create new deficits, it doesn't create new spending. so not raising the debt ceiling is sort of like a family trying to improve its credit rating saying, i know how we can save money, we won't pay our credit card bills. not the most effect of way to improve your credit rating. >> ben bernanke says the u.s. economy appears to be willing to raise the debt ceiling. it's downplaying fierce that this could lead to higher inflation. >>. >> what do you think? >> well, i think, you know, what we've seen in the beginning of the year, like the solution of the fiscal cliff for the fist time in the more global renegotiation, what bernanke know and the government is they don't want the economy to be in another recession. probably it's going to be a slow proce
to duke it out over the debt ceiling, one said we should get rid of it all together? does ben bernanke have a point? >> the nra releases a new target practice ap for kids as young as 4. >> we have a packed show for you this morning. mike thompson joins us and greg walden is our guest. the congressman and newly crowned miss america, mallory hagen will be joining us. tuesday, january 15th and starting point begins right now. . >>> welcome to starting point. after years and years of lying to the world, lance armstrong is finally coming clean. there report he's confessed to oprah winfrey and he used drugs to win his titles. sources say he is in talks to have some of the millions he was paid by the postal service to sponsor the tour. cnn's ed is live in austin, texas. let's talk about what he told oprah and what the next steps are for lance armstrong. >> the big question will be to what extent did he confess and how much detail is he going to offer? also from the standpoint of how did he offer it and what was the body language there? lance armstrong is an athlete who is vehement in his deni
said, "no, let's leave it up to my former colleague, ben bernanke." but he can't do the job right now. and so, we need the government. >> and if the president were sitting across the table from you and asking, "where would you spend this money, paul?" what would your answer be? >> right now it's easy because right now we can do it very quickly simply by restoring the spending cuts that have already happened. if you gave me unlimited carte blanche in terms of spending, i would want to go beyond that. i'd want to talk about and pretty straightforward things, even so. we have you know, fix the sewer lines. i mean, we have, we have a lot of, a lot of basic infrastructure needs that are worth doing in any case. but right now you can get a quick boost just by rehiring those school teachers and filling those potholes. we are something like $300 billion a year short of the spending that we should be undertaking just for the normal business of government. and that extra $300 billion a year would be a really big deal for the economy if we could do it right now. >> would it bring us to what you
the leadership, ben bernanke, janet yellin and bill dudley think. i don't think any of those guys are ready to take their foot off the accelerator yet. the key thing to remember is if a year from now the fed is realistically thinking of stopping the quantitative easing, it will be because the economy is doing what they want it to do. the economy will be growing 2.5%, to 3%, unemployment down to 6.5%, a really good scenario for the stock market, and they will not be worrying about the fed pulling back because the economy will be doing what they want it to do. >> greg, if there's any concern that markets should have, as you reiterate today, it's maybe more on the fiscal policy side of things and what's coming out of washington, not from ben bernanke but cap hill, and i was surprised to read your take comparing policy today is the equivalent of beirut in 1982. >> kelly, i don't mean that in a bad way. except for the bombs going off it's felt a bit like civil war on the fiscal front in washington for the last two months, two years actually, and the market has basically gotten used to this const
that this market keeps going higher, that and, of course this, easy policy by ben bernanke. it's not necessarily based on fundamentals, not the guidance that you like to hear or the strong earnings that you like to see. >> that's right. you make a point, david, about profits, and i agree. i think that has to run now in coordination with d.c. having legislative policy that's in place and that creates a sentiment of security within the investing public. >> this is a where's the beef type of market right here. this is a very important tipping point. the biggest things driving the market last year were things that did not happen. no greece exit, no china hard landing, for u.s. double dip recession and add that with the monetary stimulus. that's what pushed the market up. what we need to fill the tank with profits. otherwise we're driving on fumes right now. >> jeremy segal, who i spoke with earlier today thinks we're going to hit record highs, that we're going to have multiple expansion, that earnings are going to come in well over 100 bucks. >> well, there aren't any alternatives to u.s. equities.
are norm a. let's face it, the last couple of months have been a big party. ben bernanke invited us and i don't think the punch bowl goes away. >> the fed is the key issue right now. does that trump the fundamentals, all the earnings we're getting, you pay more attention to the fed? >> you think we have low growth and quite frankly investors are starved for air. they have been holding their breath for four years. there is no oxygen in any other market. there's no place to go for yield. therefore, essentially i think ben is terroristing it to the point to where they got to jump into risk assets and that's what we're seeing. >> david, does that make you bullish as well? >> david? >> we do have a david as well. david steinberg. >> that would be steve saks now. >> does that make you bull strategic defense initiative. >> we had a change in guests. >> yes, we did. >> changed at the last minute, i guess. there's a lot of factors that make me bullish right now. the macro economic picture is definitely one of them. you know, you nailed it with the fact that the fed is still printing money and desp
the financial crisis. one of the more interesting threads is the transformation of fed chairman ben bernanke. from hawk to dove. my own feeling is that we should resist a rate cut until it is clear from economic data and other information that is needed. i prefer to avoid giving the impression after bail-out or put if we can by december he was saying, in proposing the liquidity measures there are usual hazards and so on in my view at this point the imperative of helping markets function more normally and support economic functioning is stronger. putting more hazard decide there. it is clear from transcript, to be fair, response spo tot crisis of decades, doing policy one certain way. they today throw out the old rule back and once they did it, looking back, and answering the question, changing again at the right time. >> here we get the actual transcripts. what we've got before and minutes of meetings, no name summaries, and minutes tend to be something of a document designed to also influence market opinion. this is bare bones stuff. >> thank you very much. >> my pleasure. >> thank you, tyl
, susan, stick around. we have a lot more on the other side of this break. like ben bernanke saying time to ditch the debt ceiling all together. is it as silly as he says it is? we'll debate that. more "money" ahead officemax has exactly the ink... your business needs... at prices that keep you...out of the red. this week get a bonus $15 itunes gift card with any qualifying $75 ink purchase. find thousands of big deals now... at officemax. ♪ music kids will spend 15 minutes watching online videos like this one. brushing for two minutes now, can save your child from severe tooth pain later. two minutes twice a day. they have the time. ♪ . melissa: so moving onto another budget fight and accusations that republicans will hold the debt ceiling hostage over spending cuts, federal reserve chairman ben bernanke said there is no practical purpose to the debt ceiling and it is a device to prevent the u.s. from paying its bills. why are we watching washington fight over it? maybe we should get rid of it. here is susan occhs, american banker columnist and former senior advisor to president oba
side of this break. like ben bernanke saying time to ditch the debt ceiling all together. is it as silly as he says it is? we'll debate that. more "money" ahead what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. [ male announcer ] how do you turn an entrepreneur's dream... ♪ into a scooter that talks to the cloud? ♪ or turn 30-million artifacts... ♪ into a high-tech masterpiece? ♪ whatever your business challenge, dell has the technology and services to help you solve it. ♪ . melissa: so moving onto another budget fight and accusations that republicans will hold the debt ceiling hostage over spending cuts, federal reserve chairman ben bernanke said there is no practical purpose to the debt ceiling and it is a device to prevent the u.s. from paying its bills. why are we wa
, there is no solution in sight. darren gersh, washington, d.c. >> tom: federal reserve chairman ben bernanke echoed the president's comments on the debt ceiling today, in a speech at the university of michigan, he said congress has to take action to avoid a situation where our governme doesn't pay its bills. ahead of that, stocks were mixed, the blue chip dow rose almost 19 points, while the nasdaq dropped eight, and the s&p 500 down a point. >> susie: weighing on the nasdaq today: apple. the stock got crushed, on word demand for the iphone 5 is slipping. the stock closed just shy of $502, losing almost 4%. in pre-market trading the shares briefly fell below $500, the first time in nearly a year. suzanne pratt reports. >> reporter: apple has been taking a big bruising. first, it was the earnings miss for the september quarter, the second straight. then, there's been growing speculation the tech innovator is losing its edge to competitors, particularly samsung with its popular galaxy smartphone. finally, today there were reports apple dramatically cut orders for iphone 5 components, due to weak dema
maker dell surged 13% on fresh takeover talk. after the bell, fed chief ben bernanke praised washington's recent fiscal cliff deal which he said probably would have caused a recession this year. but he cautioned, quote, we are not out of the woods yet, calling ongoing battles over spending cuts and the debt ceiling critical watersheds. >>> elsewhere, a troubling new report finds more than one in four workers are dipping into retirement funds to keep up with their current bills. apparently folks in their 40s are most likely to do that. >>> some good news, though, on the housing front. new numbers show home prices rose 7.5% in 2012, the most in six years thanks to improving demand and fewer foreclosures. >>> swiss group swatch is adding some sparkle to the brand, scooping up harry winston's luxury line of jewelry and watches for about $1 billion. >>> toyota has once again dethroned general motors as the world's top-selling automaker, selling just under 10 million vehicles last year. >>> coca-cola is taking some heat for its new ad campaign encouraging people to come together to fight obes
to take other people down with him. >>> welcome back, everybody. fed chairman ben bernanke says the u.s. economy is, quote, not yet out of the woods. the nation's top banker says avoiding the fiscal cliff was good, especially since the alternative would have probably been another recession. but he says there's more work ahead, such as raising the debt ceiling so the government can pay its bills. >>> coca-cola is running spots on cable television that say it's doing its part on obesity. the ads point out that more than one-fourth of its beverages are low-calorie. and burning off the 180 calories from a can of coke can be fun. critics say the commercials minimize the issue and are just damage control. >>> apple is on fire over its stock slump. shares are down to about $500, off almost one-third since last september. the stock peaked at more than $700 when the iphone 5 was announced. sales of the phone are pretty weak, putting pressure on apple to develop a cheaper version. >>> and another darling of silicon valley is promising a big announcement today. but facebook isn't saying exactly
asian markets can focus and ben bernanke said they may run out of money. they can anticipate that and now the futures do point to a lower opening across the board. for the dow jones industrial average s&p 500 and nasdaq, it is a little bit of a mixed picture and as we get closer to the opening bell we will have a better look. >> all right, pam, you eat fish, right? >> yes. >> now there are concerns on whether it is safe to eat fish and they are looking to check the hair of fish eaters in eight countries. >>> new information about our galaxy, why it may be smaller than original. . >>> most fish is contaminated with bad levels of mercury. they took hair samples and they say it was contaminated with unsafe levels of mercury. most of the fish are contaminated with mercury and most of it can cause brain and kidney damage. >>> they will be at san jose university to announce a silicone valley start up. they will be, woulding together to develop a pilot program to offer online courses and we will have more details coming up at 10:00. >>> the san jose sharks are back on the ice after
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